DEA Research Programme on G20 Issues
Since its establishment in 1999, G20 has acquired a prominent position in responding to the global economic and financial crisis. G20 was set up to cope with then set a framework for preventing financial crises, while securing sustainable and balanced global growth and reforming the architecture of global governance.G20 Leaders met for the first time in 2008 in Washington, D.C. and have been meeting annually since then at different venues. Once it became a venue for the meetings of heads of states and governments, The G20's major achievements include strengthening the role of emerging economies, such as BRICS, reforming international financial institutions, improving discipline and tightening oversight over national financial institutions and regulators, improving the quality of financial regulations in economies whose regulatory problems led to the crisis, and creating financial and organizational safety nets to prevent severe economic slumps in the future.
India has emerged as a key player in World economy and plays a very important role in shaping world economic and financial order. In a world economic order where all the economies are closely inter linked we need to take steps pro-actively to respond to events happening in other parts of the world. Economic meltdown or financial crisis in any part of the world impact us as well and therefore we have to be a part of multilateral fora like G20 to have a say in deciding world economic orders and safeguard our own interests. In order to successfully present its stance at G20 and to enhance its capacity to prepare research inputs for policy making in macro-economic and financial issues, the Department of Economic Affairs has entered into 2 financial agreements, one each with National Institute of Public Finance and Policy (NIPFP) and United Nations Development Programme (UNDP). The agreement with NIPFP was signed on 21.10.2013 and the one with UNDP on 01.11.2013.
The financial agreement with NIPFP focuses mainly on providing research support to the Department by way of engaging academicians and think tanks to study issues that evolve in multilateral fora such as G20 and develop a think tank to help the Department understand the various dimensions of the issues and prepare a policy perspective on these issues. The agreement with UNDP concentrates on providing capacity building support to the Department by hiring researchers and professionals for the Department and to also provide technical support so as to keep the Department updated with the current global trends and issues as well as help in crystallizing a stand on various issues faced at the G20 by the Department.